Studying is something that is necessary for many people to guarantee a beautiful future.
However, it is often overlooked that studying is also very expensive. This applies not only to a classical study that is being followed in your own country, but also to foreign studies? For many young people and their parents, these are by no means affordable so they are forced to look for an opportunity to borrow money. In that case, we have good news for you. There are various interesting possibilities for students on the financial market!
Request a student loan from a financial institution
In the first instance there is the possibility to request a student loan from a financial institution . These are classic banks as we all know within the Belgian financial market. Several of these banks have opted for a special student loan in their offer. The conditions that you can count on applying for such a form of credit do need to differ. In all cases it is true that there is a very accessible interest that is just a little lower compared to a normal personal loan .
Which exact credit conditions apply for the student loan you wish to apply for at a bank always depends on the lender in question. This applies not only to the level of the interest, but also to the possible security that is required and even the way in which the payment actually takes place. For example, at one bank, debt repayment starts only after the study has ended, while other financial institutions would like to see repayments immediately after receiving the credit amount. Which of these different options is most interesting for you depends on, for example, whether you can earn some money during your study.
Many universities and colleges also offer a similar credit
Would you rather not take out a student loan with a financial institution? In that case, it is still possible to arrange this via your university or university. Several educational institutions in Belgium have an agreement with a bank or have created a fund themselves to support students with limited financial possibilities. Characteristic of student loans that are granted by an educational institution is that during the course of study no payment should be made in principle.
The above is of course very interesting. During your study you only have to take into account that certain monthly interest on the student debt.must be paid. However, this amount is often so low that it does not pose any problems for the student in question. Immediately after the end of the study, it is necessary to start paying off the student debt. That is a little annoying because you start the ‘real life’ immediately in red, but on the other hand you have been able to complete that expensive study.
Borrow money for your studies with your parents
A third possibility to pay for your studies is to opt for a private loan from, for example, your parents or another family member. The prerequisite for this is of course that these themselves have sufficient available financial possibilities. If your parents are unable to lend you the money yourself, but want to stand in for the credit at a bank, they will also have the necessary guarantees. This check is always important before applying for financing from a professional lender . Do your parents have the necessary financial resources and do they want to grant you a private loan, possibly even free of charge? Then of course this is also a very interesting option to pay for your study.
Taking into account the disadvantages of a study debt
Despite the fact that borrowing money to finish a study is an absolute requirement for many young people, there are also some drawbacks. As mentioned earlier, your real life outside of your study starts in red and that is not a nice feeling. In addition, you also have to take into account that a student debt is considered by each bank or other lender as a normal debt. In other words, in practice, it will always weigh up when requesting another or additional funding.